Home Solutions Announces Financial Expectations for First Quarter and Full Year 2004
March 03 2004 - 8:56AM
PR Newswire (US)
Home Solutions Announces Financial Expectations for First Quarter
and Full Year 2004 Company Expects Record Full Year Earnings of
$0.10 to $0.14 EPS HOUSTON, March 3 /PRNewswire-FirstCall/ -- Home
Solutions of America, Inc. , a niche provider of specialty
residential services, announced today financial expectations for
its first quarter ending March 31, 2004 and full year ending
December 31, 2004. The Company expects first quarter revenues of
between $5.5 million and $6.0 million and net income of $0.02 to
$0.03 per share. For the full year, Home Solutions anticipates
revenues of between $29 million and $31 million and net income of
$0.10 to $0.14 per share. Home Solutions expects to generate
between $4.0 million and $4.5 million in EBITDA for full year 2004.
The Company does not expect to pay federal taxes in 2004, utilizing
its tax loss carry-forwards. These projections assume no additional
acquisitions. "Home Solutions has changed dramatically during the
past three months through the acquisition of Southern Exposure,"
said Frank Fradella, Chairman and CEO of Home Solutions. "The
residential services market is ripe for consolidation, and we are
in active discussions with several parties regarding significant
transactions that would be accretive to earnings. In only a short
period of time, your management team has demonstrated its ability
to successfully acquire, integrate and expand companies in this
niche market segment. We will continue to seek ways to increase
shareholder value through accretive acquisitions and core organic
growth opportunities." Rick O'Brien, Chief Financial Officer of
Home Solutions, commented, "The acquisition of Southern Exposure
dramatically increased our profitability, created significant
synergies,and opened new markets for our operators. In particular,
the Florida marketplace, where Southern Exposure is based, provides
highly attractive expansion possibilities for our Restoration and
Fabric Protection segments, which continue to generate significant
growth opportunities in their existing markets. Furthermore, we are
aggressively pursuing additional accretive acquisitions to further
our specialty residential services strategy and increase our
shareholder returns." Home Solutions is a niche provider of
specialty residential services including Restoration Services and
Cleaning and Fabric Protection Services. The Company has operations
in the California, Texas and Florida markets and is rapidly growing
its core business through both an internal and an acquisition
strategy. For more information on Home Solutions, please see our
website at http://www.homcorp.com/ . Statements included in this
update that are not historical in nature are intended to be, and
are hereby identified as, "forward-looking statements" for purposes
of the safe harbor provided by Section 21E of the Securities
Exchange Act of 1934, as amended by Public Law 104-67.
Forward-looking statements may be identified by words including
"anticipate," "believe," "intends," "estimates," "expect," and
similar expressions. The Company cautions readers that
forward-looking statements including, without limitation, those
relating to the Company's future business prospects are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking
statements, due to factors such as those relating to economic,
governmental, technological, and other risks and factors identified
from time to time in the Company's reports filed with the SEC. HOME
SOLUTIONS OF AMERICA, INC CONTACT: Cormac Glynn, CEOcast, Inc.
PHONE: 212-732-4300 DATASOURCE: Home Solutions of America, Inc.
CONTACT: Cormac Glynn of CEOcast, Inc., +1-212-732-4300, for Home
Solutions of America, Inc. Web site: http://www.homcorp.com/
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